Armenia to invest about $1mln in Armenian-Polish ‘Lubava-Armenia’ defense enterprise

YEREVAN, June 19. /ARKA/. Armenia will invest about $1 million in Armenian-Polish ‘Liubava-Armenia’ defense enterprise, Armenian minister of defense Seyran Ohanyan said at a government hour in the parliament on Thursday.

The funds will be invested in assets worth 406.6 million drams as state-owned stock of 49% in the joint venture.

Property of Charentsavan machine-building plant will be transferred to ‘Liubava-Armenia’ for free as additional investment in the capital of the company, Ohanyan said.

The minister also said the Polish side has already invested 423.2 million drams to ensure its 51% stock in the defense business joint venture.

According to the government, the Polish side has invested $2 million since August 2013 and will replenish the JV capital up to $10million after the required investments are made by Armenia. –0--